During the recent debate between US Presidential candidates Kamala Harris and Donald Trump, crucial topics such as the economy and immigration were discussed. Surprisingly, the conversation completely omitted any mention of cryptocurrency, despite its significance as a key issue for the upcoming 2024 election.
This oversight led to a noticeable disruption in the market, where Bitcoin (BTC) experienced a minor decline of 1% during the early trading hours in Asia, slipping below the $57,000 mark. Similarly, Ethereum (ETH) also showed a downturn, trading at $2,336 at the time.
Evaluating Trump’s Debate Performance
Many observers believe that Trump’s performance during the debate was lackluster, as indicated by data from the blockchain-based betting platform, Polymarket, where 99% of wagers favored Harris as the debate winner.
This sentiment was echoed by Elon Musk, the CEO of Tesla and a prominent Trump supporter. Musk shared his thoughts in a post, expressing that Harris exceeded most people’s expectations during the debate, despite what he perceived as unfair treatment toward Trump.
Trump’s subpar showing has resulted in a shift in the polls, erasing his previous three-point lead and leaving both candidates tied at 49%. National polls also indicate that Harris holds a 47% advantage compared to Trump’s 44%.
The crypto community in the US is cautiously optimistic about the potential impact of a Trump victory on the industry. Analysts at Bernstein recently predicted that a Trump win could propel Bitcoin’s price to $90,000 by the end of the year, while a Harris victory might lead to a decrease, with prices falling to the $30,000-$40,000 range.
Interestingly, the lack of acknowledgment of cryptocurrency by the Harris campaign stands in stark contrast to Trump’s vocal support for the industry. Trump has pledged to address the alleged unfair treatment of crypto firms by the current administration if he secures a second term.
Effect on PolitiFi Memecoins
Following the Harris-Trump debate, the market for PolitiFi meme coins experienced a downturn, with the total market cap plummeting by 8.5% according to Coingecko.
Notably, meme coins associated with Trump suffered the most significant losses, with tokens like MAGA (TRUMP) dropping by over 10% and trading at $2.91 at the time of reporting. MAGA Hat (MAGA) and Doland Tremp (TREMP) were hit even harder, with declines of 21% and 31%, respectively.
In contrast, Harris-themed cryptocurrencies showed minor gains, with Kamala Horris (KAMA) recording a 1% increase in value.